Weinberg secures $65M loan for Chelsea office project

Weinberg Properties pulled off a $65 million construction loan from a Shanghai-based bank for a new office building in Chelsea.

Shanghai Commercial Bank provided the loan, which will help pay for the construction of a roughly 49,000-square-foot building at 534 West 25th Street, documents filed with the city on Monday show. The developer plans to build an eight-story office building on the property, which will also include gallery space and a library.

The construction loan comes as Chinese investors increasingly pour money into commercial real estate in New York City. According to recent CrediFi data, Asian banks originated roughly 20 percent of the debt in the city’s commercial real estate market since 2015. In March, Shanghai Commercial Bank provided the Lam Group with a $222 million construction loan for its new Virgin Hotel in NoMad.